Aurora Cannabis Keeping Tabs as Marijuana Goes Mainstream

Aurora Cannabis Inc. (TSX:ACB), one of the Canadian marijuana stocks, said it has introduced product information numbers (PINs) to medical cannabis products

SmallCapPower | April 2, 2019: Aurora Cannabis Inc. (TSX:ACB) (NYSE:ACB), one of the Canadian cannabis stocks, Thursday announced that it and its wholly-owned subsidiary, CanniMed Therapeutics, have introduced product information numbers (PINs) to 78 medical cannabis products, which will better facilitate and track insurance coverage for their Canadian patients. The products that received PINs include dried flower, capsules, soft gels, topicals and oils.

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Aurora Cannabis CEO Terry Booth said, “This is great news for insurance companies, employers and most importantly our patients. Introducing PINs for medical cannabis products will make the claims process more seamless, enabling insurance companies to add these products to their formularies while providing patients and employers with a simplified process to complete claims. It’s another step toward enhancing patient access, something Aurora cares deeply about.”

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PINs will be helping both the employers and insurance companies to classify and incorporate health care products into benefit coverage plans. Patients submitting claims to their third-party insurer can now identify specific products and thereby speed up the adjudication and medical coverage process. MedReleaf, another wholly-owned subsidiary of Aurora, introduced PINs to 57 medical cannabis products in 2018.

Shares of Aurora Cannabis have climbed 78% year to date to its current price of $12.22, compared with a 54% gain from Canopy Growth Corporation (TSX:WEED), and a 70% increase from Aphria Inc. (TSX:APHA).

Aurora Cannabis is one of the world’s largest and leading cannabis companies with a funded capacity in excess of 500,000 kg per annum and sales and operations in 24 countries across five continents. Aurora Cannabis stock currently trades at a market capitalization of C$12.3 billion with a price-to-book multiple of 2.8x.

Disclosure: Neither the author nor his family own shares in any of the companies mentioned above.

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